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Turkey's Finance Ministry, Moody's have opposite views on economy's direction

Moody's sees the Turkish economy as likely in recession, while Erdogan's son-in-law says positive results are on their way.
Turkish Finance Minister Berat Albayrak speaks during an event to announce his programme to fight inflation, in Istanbul, Turkey October 9, 2018. REUTERS/Murad Sezer - RC15CFC6CA30

ANKARA, Turkey — Finance Minister Berat Albayrak gave an upbeat picture today of his efforts to defeat inflation, which hit 25% this week — its highest level in 15 years. But his rosy forecast was challenged by Moody’s rating agency, which said Turkey was on the cusp of recession.

“We have started to annihilate the effects of inflation on our economy. We will continue to obtain stronger results with stronger measures,” President Recep Tayyip Erdogan’s son-in-law told business executives in the northwestern city of Bursa.

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